Aston Martin taps Lucid to help develop electric vehicles
Lucid Group, the U.S. automaker that produces the luxury all-electric Air sedan, will supply Aston Martin with powertrain components for future electric vehicle models, the companies said Monday. The iconic British luxury automaker aims to launch an EV in 2025.
The agreement marks a first for Lucid — a chance to act as supplier and diversify its revenue streams.
Lucid has been struggling to meet delivery expectations and drum up enough demand for its luxury EVs, and has consistently missed the beat on revenue. In March, Lucid cut its workforce by 18%.
Earlier this year, the startup unveiled a derivative of its electric drive unit specially designed for use in motorsports.
Under the terms of the agreement, Aston Martin will make phased cash payments to Lucid and give the startup a 3.7% stake, or about 28,352,273 ordinary shares. The value of shares and cash payments should reach about $232 million.
Lucid will give Aston Martin technical support as the latter integrates Lucid’s electric powertrain technologies, including its twin motor drive unit, battery technology and onboard charging unit called the Wunderbox.
“Combined with our internal development, this will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products, all the way from hypercars to sports cars and SUVs,” Roberto Fedeli, chief technology officer of Aston Martin, said in a statement.
Aston already uses engines and other technology from Mercedes-Benz. China’s Geely recently increased its equity stake in Aston by 17%.
“Along with Mercedes-Benz, we now have two world-class suppliers to support the internal development and investments we are making to deliver our electrification strategy,” Lawrence Stroll, executive chairman of Aston Martin, said in a statement. “With the recently announced long-term partnership with Geely, we will also gain the opportunity to access their range of technologies and components, as well as their deep expertise of the key strategic market of China.”
Aston Martin is scheduled to announce a strategic update that sets out new production targets on Tuesday.
